Saudi's Samba Financial gets license for Dubai's DIFC branch

The license also entitles Samba Financial to offer selected financial services to professional clients and market counterparties

  
A man leaves Samba bank in Riyadh, Saudi Arabia September 10, 2017. Image for illustrative purposes.

A man leaves Samba bank in Riyadh, Saudi Arabia September 10, 2017. Image for illustrative purposes.

REUTERS/Faisal Al Nasser

Saudi based Samba Financial Group has received a license from Dubai Financial Services Authority (DFSA) to operate as an authorised firm in its financial centre.

The license entitles Samba Financial to operate a branch in Dubai International Financial Centre (DIFC).

The DFSA authorised Samba Financial "to operate as an authorised firm from the Dubai International Financial Centre (DIFC) and to offer selected financial services to professional clients and market counterparties," Samba said in a Tadawul filing.

Samba has operated a branch in Dubai, licensed by the Central Bank of the UAE since 2008. Setting up Samba Financial Group (DIFC Branch) is part of Samba's overall growth plans.

National Commercial Bank (NCB), Saudi Arabia's biggest lender, announced in June that it signed an agreement with Samba Financial Group to create a combined entity with almost $214 billion in assets.

(Writing by Seban Scaria; editing by Daniel Luiz)

seban.scaria@refinitiv.com

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© ZAWYA 2020

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